India's Dr. Reddy's plans $36 million purchase of Dutch OctoPlus

Reuters Staff

2 Min Read

(Reuters) - India’s No 2 drugmaker by sales, Dr. Reddy’s Laboratories, said it plans to buy Dutch drug firm OctoPlus for 27.39 million euros ($35.69 million) as it looks to expand its research and development.

The offer price is 30 percent higher to the market capitalization of OctoPlus as on October 19, Dr. Reddy’s said in a statement on Monday.

The Indian firm holds an irrevocable commitment from shareholders having more than 50 percent of total issued shares of OctoPlus, it said.

OctoPlus develops injectable dosages and provides various other clinical services. It clocked a net loss of 6.32 million euros for the year ended December 2011 on consolidated total income of 7.7 million euros, according Thomson Reuters’ data.